As part of the settlement agreement, the school will distribute $425 million to the victims (about $1.28 million each) and put $75 million into a trust fund for victims who may come forward in the future.

It read: "We are truly sorry to all the survivors and their families for what they have been through, and we admire the courage it has taken to tell their stories".

According to the Detroit Free Press, which broke the news, MSU now has to figure out where this money will come from, and how much its insurance providers will cover. She says she is also disappointed that a resolution hasn't been reached with other organizations such as USA Gymnastics.

The settlement must still be finalized, officials said.

I'm relieved that this chapter is coming to a close, but anxious to see any real, meaningful change on MSU's campus. It does not address claims against US gymnastics, the United States Olympic Committee, Bela and Martha Karolyi, Twistars, John Geddert or any other parties.

Attorneys representing hundreds of allegedly abused Michigan State athletes reached an agreement with university representatives on Tuesday afternoon.

The lawsuits were filed in federal court in Grand Rapids, Michigan and state courts in California, where the victims allege that MSU, USA Gymnastics, and people involved in both institutions didn't protect them from Nassar's actions. Lawyers will also be compensated out of the $500 million pool.

The school was accused of ignoring or dismissing complaints for years about Nassar.

Martha Karolyi told United States news program "Dateline NBC" last month that Nassar conned her and her husband in much the same way that he conned the parents and coaches of the girls he abused. He is serving sentences that will likely keep him in prison for life. Nassar, however, had unsupervised access to girls' dormitory rooms.

Nassar's assaults were mostly committed in MI at his Lansing-area home, campus clinic and area gyms.

Lindsey Lemke, a former MSU gymnast who was a team captain on the women's team and a Nassar accuser, hailed the settlement as a "victory".

Many victims testified that Nassar, 54, sexually abused them under the guise of medical treatment while on his examination table, sometimes hiding it from view of parents waiting nearby. She says the deal will help the "sister survivors" move forward, and her decision to come forward publicly in 2016 was motivated by the need for accountability and reform, "so that other little children don't live the nightmares we lived".

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